Ruble Close to Erasing 2015 Advance as Oil Spurs Inflation Risk

The ruble weakened past 60 against the dollar for the first time since March as oil declined, raising the likelihood that Russia’s central bank will hold off on cutting interest rates this week.

The currency fell 1 percent to 60.237 against the dollar by 6:46 p.m. in Moscow after earlier touching 60.937, surpassing the 60.736 at which it started the year and briefly erasing its 24 percent advance through May 18. Ruble-denominated government bonds, known as OFZs, declined for a seventh day, with the yield on five-year securities rising 11 basis points to 11.19 percent.